Sandy Spring Bank reduced its position in shares of Dolby Laboratories (NYSE:DLB) by 11.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 16,840 shares of the electronics maker’s stock after selling 2,086 shares during the quarter. Sandy Spring Bank’s holdings in Dolby Laboratories were worth $828,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the stock. Laurion Capital Management LP acquired a new position in Dolby Laboratories during the 2nd quarter worth approximately $348,000. Amalgamated Bank raised its stake in Dolby Laboratories by 36.2% during the 2nd quarter. Amalgamated Bank now owns 9,924 shares of the electronics maker’s stock worth $486,000 after buying an additional 2,638 shares during the period. BlackRock Inc. raised its stake in Dolby Laboratories by 19.8% during the 2nd quarter. BlackRock Inc. now owns 2,913,371 shares of the electronics maker’s stock worth $142,639,000 after buying an additional 481,649 shares during the period. Ameriprise Financial Inc. raised its stake in Dolby Laboratories by 14.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 17,882 shares of the electronics maker’s stock worth $862,000 after buying an additional 2,232 shares during the period. Finally, TIAA CREF Investment Management LLC raised its stake in Dolby Laboratories by 7.2% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 272,886 shares of the electronics maker’s stock worth $13,360,000 after buying an additional 18,446 shares during the period. 51.87% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts recently weighed in on the company. B. Riley reaffirmed a “buy” rating and set a $61.50 price target on shares of Dolby Laboratories in a research note on Thursday. Dougherty & Co reaffirmed a “buy” rating and set a $63.00 price target on shares of Dolby Laboratories in a research note on Wednesday, September 13th. BidaskClub downgraded Dolby Laboratories from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $52.00 price target (up from $49.00) on shares of Dolby Laboratories in a research note on Wednesday, September 13th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $57.30.
Dolby Laboratories (NYSE DLB) traded up 0.89% on Monday, reaching $58.81. The company had a trading volume of 28,982 shares. The company’s 50 day moving average is $51.12 and its 200-day moving average is $51.12. The firm has a market capitalization of $6.03 billion, a price-to-earnings ratio of 30.08 and a beta of 0.81. Dolby Laboratories has a one year low of $44.99 and a one year high of $59.79.
Dolby Laboratories (NYSE:DLB) last posted its earnings results on Tuesday, July 25th. The electronics maker reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.10. Dolby Laboratories had a net margin of 19.02% and a return on equity of 10.25%. The business had revenue of $305.67 million during the quarter, compared to the consensus estimate of $296.88 million. During the same quarter in the previous year, the firm posted $0.62 EPS. The firm’s revenue was up 10.1% on a year-over-year basis. On average, equities research analysts expect that Dolby Laboratories will post $1.99 earnings per share for the current fiscal year.
In other news, insider Kevin J. Yeaman sold 45,000 shares of the business’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $56.46, for a total transaction of $2,540,700.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mark Andrew Sherman sold 14,000 shares of the business’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $56.25, for a total transaction of $787,500.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,419,000 shares of company stock valued at $71,701,100. 43.80% of the stock is currently owned by insiders.
Dolby Laboratories Profile
Dolby Laboratories, Inc designs and manufactures audio and imaging products for the cinema, television, broadcast and entertainment industries. Its products for cinema include Digital Cinema Servers and Cinema Audio Products, and broadcast and other include Dolby Conference Phone and Other Products. It offers services to support theatrical and television production for cinema exhibition, broadcast and home entertainment, including equipment training and maintenance, mixing room alignment and equalization, as well as audio, color and light image calibration.
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